WASHINGTON AP – The Securities and Exchange Commission is investigating allegations that a head trader in New York for Britain’s Barclays PLC used confidential information on companies in bankruptcy to gain an advantage in trading bonds of the companies, according to a lawsuit.
The head of the debt dealing desk made trades in the companies’ bonds in 2002 after getting access to the nonpublic information, Michael Econn, a former analyst who worked on the trading desk, alleged in the suit filed in federal court in Manhattan last month.
